Governor of the Bank of England: Bitcoin isn't a Threat to Financial Stability in the World

December 21, 2017

Financial establishment of European countries don’t consider, that Bitcoin and other cryptocurrencies threaten actions of the world's financial system. Now Governor of the Bank of England, Mark Carney, agrees with it too.

Talking in the British Parliament, Carney said that Bitcoin's recent price moves were "significant". More than that, he mentioned, that cryptocurrency risks were stock ones.

"At the present moment, we don't think, that Bitcoin is a treat to the financial stability ," he stated.

Mark Carney is Chairman of the G20's Financial Stability Board, which consists of central banks and finance ministers and also conducts its own blockchain research. Carney noted that the idea of central bank-should launch a digital currency that can be used by the public has "some fundamental problems". Unfortunately, only a limited number of users can solve that problem. It should be noted that the idea of creating the national cryptocurrency is on the anvil in Estonia.

Carney confirmed the Bank was "interested" in the distributed ledger technology. Besides, FinTech accelerator of the central bank shows that this technology has the potential. According to a Bloomberg report, the Bank is active in testing the distributed ledger technology. However, the Bank is in no hurry to perform it and does not aim at introducing this technology in its financing activity.